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It’s tough out there for new hedge fund managers trying to raise cash, and it doesn’t look like it’ll get easier anytime soon. That’s a key finding from a Goldman Sachs report. More here: bloomberg.com/news/articles/…

Tiger Global’s latest fund, PIP 16, raised $2.2 billion, falling far short of its goal amid a tough fundraising environment. bloomberg.com/news/articles/…

Losing money is one way to blow up your hedge fund. Here's another option. Must read by Hema Parmar bloomberg.com/news/articles/… via Bloomberg Markets

Hedge fund Weiss collapsed not because of a disastrous trade, but rather years of high spending that the firm failed to rein in. bloomberg.com/news/articles/…

Bobby Jain has raised $5.3 billion for his new hedge fund - making it the largest debut since ExodusPoint’s in 2018 bloomberg.com/news/articles/…

An inside look at how Bobby Jain pulled off one of the biggest-ever hedge fund launches. The complexity, ambition and unprecedented nature of his firm, and the charm offensive of investor sweeteners it took to reach his pared-down goal. bloomberg.com/news/articles/…

ExodusPoint’s co-founder Hyung Lee has stepped down as head of equities and will now be an adviser to the firm bloomberg.com/news/articles/…

A bit of last week’s 13F wrapup

Read Hema Parmar's profile of Freestone Grove here from last December. bloomberg.com/news/articles/…

ExodusPoint Capital Management is expanding its bonus clawbacks to senior non-investment staff, a sign that the hedge fund industry’s talent war has moved beyond top portfolio managers. trib.al/9gVUmjP

ICYMI

Delayed post: Two Sigma’s new CEOs made their first public change a couple weeks ago, laying off 200 staff after reviewing the firm’s efficiencies. Full story here: lnkd.in/eiJ3ievN

Hedge funds are going downmarket for their next pot of money: “mini-millionaires.” It’s as their usual institutional clientele become more reticent. From PE to real estate to hot private-credit fund, all across Wall Street, velvet ropes are coming down. bloomberg.com/news/articles/…

John Overdeck and David Siegel are headed to arbitration bloomberg.com/news/articles/…

Private-jet flights, tuition and even snacks are among more than 140 expenses big multistrategy hedge funds pass through to investors, a Bloomberg analysis of regulatory filings shows. Hema Parmar reports trib.al/fy8D0us

Imagine a business where the client pays for all the costs of running the firm - meet hedge fund passthrough fees. Investors essentially write a blank check, covering any expense: from staff compensation to private-jet flights, mobile expenses & snacks bloomberg.com/graphics/2025-…

The top 20 highest-paid hedge fund managers made an average of $1.1 billion each in 2024, we calculated. This is the first time we've had Rob Citrone of Discovery on the list, who made $730 million after betting on Argentina. Hema Parmar Bloomberg Wealth bloomberg.com/news/articles/…

Hedge fund traders are privately mulling one of the dreaded phrases of Wall Street: the sidelines. As one hedge fund manager, sleeping three hours a night, put it: There’s so much chaos and risk that any trade placed one day can blow up the next. bloomberg.com/news/articles/…